CHAPEL HILL — Drugmaker Pozen announced that it has applied for marketing approval of its experimental treatment for arthritis.
The Chapel Hill company announced Tuesday that it has submitted a new drug application for Vimovo, previously known as PN 400, to the Food and Drug Administration.
The FDA's acceptance of the filing will trigger a $10 million milestone payment from pharmaceutical company AstraZeneca, which has licensed the marketing rights to Vimovo.
Cowen and Co. analyst Ian Sanderson projects that by 2013 Vimovo sales could reach $250 million in the U.S. market and $425 million worldwide.
If it wins FDA approval, Vimovo would be Pozen's second product. Its migraine drug, Treximet, is being marketed by GlaxoSmithKline.
Staff writer David Ranii